WSO WRF MTF Indicator

WSO WRF MTF Indicator

WSO WRF MTF indicator for MT4 BUY and SELL forex trading signals using Widner’s Support and Resistance levels.

The WSO WRF MTF indicator for MT4 plots an oscillator based on Widner’s support and resistance values. Furthermore, the indicator can plot multi time frame values. As a result, forex traders can BUY or SELL based on the oscillator values of support and resistance. Moreover, the oscillator values help the traders to identify the current closing price relative to the support and resistance levels.

The indicator works well for both new and advanced forex traders. New traders can easily identify the BUY and SELL entry points. However, advanced forex traders can combine multi-timeframe values to execute advanced technical trading strategies. The indicator works on all intraday charts as well as daily, weekly, and monthly charts.

WSO WRF MTF Indicator For MT4 Trading Signals

The above GBPUSD H4 price chart shows the WSO WRF MTF indicator for MT4 in action. The indicator shows the Support line in GREEN and Resistance line as RED. Furthermore, the indicator is located in a separate indicator window.

If the Green Support line touches the lower level of the indicator, it indicates that the price has crossed all supports and is due for a reversal. So, forex traders should wait until the indicator reverses from the lower level of the indicator for confirmation. Once the oscillator reverses it indicates the beginning of a Bullish price reversal. So, forex traders can enter the market with a BUY trade with a stop loss below the previous swing low. On the other hand, the best take profit is to exit with a good risk and reward ratio.

Similarly, when the RED oscillator line touches the upper level of the indicator. It shows that the price has crossed all the resistance levels. So, the price is expected to reverse and start to move lower. As a result, forex traders can place a SELL position. However, traders should wait for the RED oscillator line to start reversing before placing the SELL position. The best stop loss is above the previous swing high and the take profit is with a best risk and reward ratio.

The indicator is capable of providing the values for multi-time frames ( mtf ) and can be chosen from the drop-down menu. All MetaTrader chart time frames are available to choose and the indicator shows the values accordingly. So, technical traders can use the support and resistance levels of a higher time frame and identify the best entry in a lower time frame.

Conclusion
The WSO WRF MTF indicator for MT4 is very useful for traders focusing on support and resistance levels to BUY and SELL. As an oscillator, the indicator provides an understanding of the current closing price concerning the support and resistance levels. Additionally, forex traders can download the indicator for free and install it with ease.